GE Encroaches on Siemens Territory
With the company’s sales growth expected to be in the double digits in Germany, General Electric (NYSE:GE) has announced its plans to open a research center located in Berlin, close in proximity to numerous university graduates and German competitor Siemens’s (NYSE:SI) single largest manufacturing site.
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While the company has so far been unable to close acquisitions, Chief Executive Officer for GE’s European operations Ferdinando Beccalli-Falco said at a press conference in Garching today that the company is still looking for possible locations.
General Electric said last year that it will invest 80 million euros ($104 million) in order to expand its presence in Europe’s largest economy, part of which has been set aside for the Garching research center. So far the New York-based company has hired 500 employees in Germany since last year and has approximately 7,000 total employees in the country.
According to the company’s healthcare head Voker Wetekam, the company has increased market share in medical equipment from rivals Siemens, Royal Phillips, and Toshiba.
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